IG Group Limited, a wholly owned subsidiary of IG Group Holdings plc, reported profit of £429.6 million for the financial year ended May 31, 2023, up 10.8% from £387.6 million in the prior year, according to accounts filed with Companies House.
The London-based intermediate holding company’s income consisted entirely of dividends received from subsidiaries, which totaled £430 million in FY2023, compared with £388.1 million in FY2022, representing an increase of 10.8%.
Operating costs remained minimal at £0.4 million, slightly lower than the £0.5 million recorded in the previous year. The company reported no tax expense for either period.
Net assets stood at £682.5 million as of May 31, 2023, compared with £682.9 million a year earlier. The company paid dividends of £430 million to its sole shareholder, IG Group Holdings plc, during the year, up from £385 million in FY2022.
The company underwent a capital reduction during the year, reducing its share premium by £909.5 million on April 17, 2023. This amount was transferred from other reserves to retained earnings, resulting in the elimination of the company’s negative other reserves balance.
IG Group Limited has no employees, with directors remunerated by other group entities. The company’s principal activity is holding investments in Group companies, with its ultimate parent being IG Group Holdings plc.
PricewaterhouseCoopers LLP audited the financial statements, which were signed on September 29, 2023.
